Stock futures rally ahead of the Fed meeting

Monday trading session has been rough for the bull. DJIA index dive 614 points but the index futures are currently higher by more than 300 points. It seems the market is preparing for today the Fed two days meeting kick-off. Traders will wait for an announcement whether tapering being roll-out or postponed after the Evergrande major shake-out.

Asian & European Stock market

The Asian stock market is slightly higher except for Japan. Japan Stock market down 660.34 points (-2.17%) to 29,839.71 China stock market closed, and Australia ASX 200 up 25.60 points (+0.35%) to 7,273.80. The European stock market is trading higher. DAX Germany up 1.24%, UK FTSE up 1.05%, Euro STOXX 600 up 0.98%

Technical Analysis

Dow Jones Industrial Average (INDU)

A major bearish breakout happened in the DJIA index. The index has broken below the daily SMA 100 and halfway toward daily SMA 200. This reaction might be temporary as the DJIA futures are currently higher 314 points. Traders and investors seems will wait for the Fed announcement this week before deciding where the index will move next.

Kirkland Lake Gold (KL)

KL share prices recently return above the cluster of averages and maintain the level above it. We could see a trendline above the current level and a horizontal support level around $38.30. Traders could trade the range with bullish bias while waiting for a breakout for now.